Mike Borgonzi refused to sugarcoat things for disappointing Titans veterans

The Tennessee Titans entered the offseason with more cap space than anyone else, and they still sit atop that list despite making several major moves this offseason. Mike Borgonzi has committed about $130 million in guaranteed money to more than a dozen free agent signings.

According to Spotrac, the Titans still have nearly $64 million in cap space for 2026, which leads the rest of the league by nearly $10 million. That is incredible considering that the Titans have also spent more money in free agency than any other team.

Aside from not having any expensive players on the roster, how did the Titans find themselves in this cap situation? Well, L'Jarius Sneed and Calvin Ridley are great examples of how Mike Borgonzi is navigating expensive veteran contracts on this roster.

Titans GM Mike Borgonzi oversees masterclass on how to handle veteran contracts

Sneed was a nightmare of a player who was injured more often than not, and when he was on the field, he was never worth the $76 million contract the Titans signed him to. However, Borgonzi waited until the last possible minute to cut Sneed because he had to ensure the veteran cornerback passed a physical before he was released. By waiting until the last moment, he gave the oft-injured corner the time he needed to heal and saved the Titans nearly $8 million in injury guarantees.

While Ridley struggled with injuries last season, his tenure has been nothing like Sneed's. Still, with a hefty cap hit, Borgonzi was tasked with weighing whether he wanted to absorb Ridley's $26.5 million cap hit or cut Ridley, creating another hole on the depth chart that he would be tasked with filling.

Instead, Borgonzi took the third option and managed to negotiate a restructure/pay cut for Ridley. Zach Lyons laid on the contract change perfectly here:

That is masterful asset management by Borgonzi, and that move alone keeps the Titans at the top of the "available cap space" list while also retaining a receiver who is just one injury-riddled year removed from a 1,000-yard season. Effectively, it is costing the Titans a little over $2 million to keep Ridley.

Despite remaking a large portion of this roster, the Titans have come out of the other side still leading the NFL in cap space, they still have all of their draft picks, and they are significantly better at their three biggest positions of need: cornerback, EDGE/DL, and wide receiver.

There is still plenty of work to be done, but the Titans can realistically address their remaining needs, and they can be aggressive while doing it because of the smart management of Borgonzi and his front office.

This is what a healthy rebuild looks like, and the Titans are trending in the right direction, and things might finally be getting better for this weary fan base.